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Equity Roundup: Higher Stocks As Aggressive Hike Pricing Cools

US STOCKS
Still off early week levels, stocks trading firmer as (most) Fed speakers move to tamp down aggressive rate hike pricing and recession concerns. StL Fed Bullard lived up to his hawk status while Atlanta Fed Bostic, SF Fed Daly helped temper the hawkish rhetoric as rates pared gains stating she is already "seeing signs inflation is slowing", concern over recession not high on her list of outcomes.
  • SPX eminis currently trading +62.5 (1.65%) at 3856.25; DJIA +576.72 (1.88%) at 31208.86; Nasdaq +161.8 (1.4%) at 11413.8.
  • Technicals: Despite the bounce, outlook remains bearish, following the reversal from 3950.00, the Jun 28 high. A resumption of weakness and a break of yesterday’s 3923.75 low, would open key support at 3639.00, Jun 17 low. On the upside, clearance of resistance at 3950.00 is required to reinstate a bullish theme. This would expose the 50-day EMA, currently at 3960.58.
  • SPX leading/lagging sectors: Financials outperform (+3.08%) while some banks missed earnings est's, Citigroup (C) beat: 2.19 eps vs. 1.699 est. saw Citi gain 12%, lifting other bank shares. Health Care (+2.30%) and Consumer Discretionary (+1.93%) followed. Laggers: Utilities (-0.18%), Consumer Staples (+0.13%) and IT (+1.15%)
  • Dow Industrials Leaders/Laggers: United Health (UNH) +26.57 at 529.00; off Thu's lows Goldman Sachs (GS) +11.52 at 293.11. Laggers: Procter Gamble (PG) -0.85 at 144.42, Boeing (BA) -0.31 at 138.75.
  • Earnings expected next Monday: Bank of America (BAC), Charles Schwab(SCHW), Goldman Sachs (GS).
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